The “big three” cryptocurrencies are on the move today. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) are up 2.9%, 7.3%, and 3%, respectively, as of 2:30 p.m. ET. Earlier in the day, however, they were up as much as 3.6%, 8.7%, and 4.7%, respectively. The S&P 500 is up 0.8% and the Nasdaq Composite is up 1.1%.
All three cryptocurrencies got a boost from news that the SEC’s appeal in its case against XRP would be dropped, a major step that confirms the Trump administration’s softer approach to crypto regulation, boosting the whole market.
Ripple, the company behind XRP, announced that the SEC is abandoning its appeal in the long-running legal battle against the company. The case dates back to 2020 when the SEC sued Ripple for allegedly selling unregistered securities. Ripple scored a partial victory last year when a judge ruled XRP wasn’t a security when sold to retail investors — though institutional sales were different. The SEC appealed this decision, but now, after a change in leadership, the regulator is dropping its appeal.
This development comes amid a sweeping reversal of the previous administration’s crypto crackdown. The SEC recently ended its Coinbase Global case, closed investigations into several crypto companies, scaled back enforcement, and declared meme coins aren’t securities. It’s clear that the Trump administration’s SEC will not take a hard line in regulating the nascent industry; investors reacted positively.
The crypto market has seen some turbulence in the last few months. However, stablecoins like USDC have seen remarkable inflows of capital. The coins, which are fixed in value, are growing in popularity as a sort of digital cash. Most stablecoins exist on a parent blockchain and Ethereum dominates the space. It was reported yesterday that Ethereum’s four-month average trading volume for these stablecoins reached $850 billion. The continued dominance shows Ethereum is still holding its lead as the preferred “smart contract” blockchain as others have proliferated.
The House of Doge and Dogecoin Foundation, organizations that support and promote the cryptocurrency and meme coin, announced a new partnership today. The two are teaming up with IndyCar driver Devlin DeFrancesco and Rahal Letterman Lanigan Racing to bring Dogecoin to the 109th running of the Indianapolis 500.
The Dogecoin Racing initiative will let fans vote on DeFrancesco’s car design for the May 25 race, so long as the iconic Shiba Inu dog is at the center of the design. The partnership will also include a donation platform supporting a cause important to the team.
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